For a more improved productivity and enhanced competitiveness, the Department of Science and Technology (DOST) and the Land Bank of the Philippines (LANDBANK) teamed up to support micro, small, and medium enterprises (MSMEs) and startups through an enhanced platform of financing on May 4.
DOST Secretary Renato U. Solidum Jr. joins LANDBANK President and CEO Lynette V. Ortiz prior to the ceremonial signing of the Memorandum of Understanding for the enhanced access to MSMEs financing, May 4.
In a ceremonial signing, DOST and LANDBANK inked a Memorandum of Understanding (MOU) at the LANDBANK Plaza, Malate, Manila, to mark their collaboration on providing accessible funding for their local enterprises.
“MSMEs are the backbone of our economy,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said. “They generate a lot of employment, sustain local industries, and anchor growth in our community. And yet, access to capital is scarce, and they always find it difficult to grow and expand because financing is limited.”
The MOU will support the development and the expansion of the DOST-assisted MSMEs rooted in its flagship programs, such as the Small Enterprise Technology Upgrading Program (SETUP), the Technology Innovation for Commercialization (TECHNiCOM) Program, and the Startup Grant Fund (SGF).
These local technopreneurs will be provided access to the LANDBANK Innovative Financing Thrust Towards Inclusive National Growth Thru MSMEs (LIFTING MSMEs) to equip them on the growth and expansion of their businesses.
“Tutulungan namin ang MSMEs sa application procedure (sa LIFTING MSMEs). Dati pa naman nating ginagawa ‘yun. [Tulad ng pag-avail nila sa SETUP program], may feasibility studies ‘yan. [Ngayon], iba na ang source of fund nila (LANDBANK lending program),” DOST Secretary Renato U. Solidum, Jr. explained.
Currently, the Department has its initial list of MSMEs, vetted from a pool of 10,000, and its existing assisted MSMEs before the LANDBANK’s lending program review through a referral process.
“Yung mga irerecommend natin sa LANDBANK, lumalawak nang mahabang panahon at tinututukan ng DOST. Kumbaga, nangangailangan ang mga ito ng capitalization para ma-expand pa at mag-scale up,” said DOST Undersecretary Sancho A. Mabborang.
Depending on the “levels” of MSMEs, as explained by LANDBANK Executive Vice President Charlotte I. Conde, those approved will receive 500,000 pesos for startups, 5 million pesos for expanding MSMEs, and up to 50 million pesos for those levelling up.
Other than this financial support, Solidum affirmed that this opportunity supports the initiative of DOST in establishing innovation hubs across the country and bringing in two hundred thousand new local job opportunities for Filipinos.
“I know that [this] is not to simply earn money, but to promote the lives of our countrymen para magkaroon ng mas mayaman, ligtas, mahaba, at de-kalidad na buhay. We look forward to seeing the Filipino enterprises win big time—not only here in the Philippines, but also globally,” the secretary said.
The partnership between the Department of Science and Technology and the LANDBANK is one of the initiatives of the agency aimed at providing science-based, innovative, and inclusive solutions across four strategic pillars: human well-being, wealth creation, wealth protection, and sustainability. These pillars embody the mantra OneDOST4U: Solutions and Opportunities for All. For more information, visit www.dost.gov.ph
DOST Secretary Renato U. Solidum Jr. and LANDBANK President and CEO Lynette V. Ortiz together with DOST Undersecretary Sancho A. Mabborang (extreme left) and Vice President Charlotte I. Conde officially sign the MOU at LANDBANK Plaza, Malate, Manila.
